Company secretary Ashley Carson, ahead of sending out the latest set of accounts to the shareholders, reveals losses for the trading year ended June 30, 2019 of £1,845,209. This compares to a loss of £1,061,270 the previous year.
Relegation and failing to gain promotion back to the EFL have had a serious impact on the trading results, together with a wish by the majority shareholder to maintain the playing budget to try and gain promotion back into the EFL.
Turnover was down by £1,927,237 on the previous year, however this figure also included in 2017/18 a total of £1,058,052 in player transfer fees.
Gate receipts were down by £387,347 and commercial income was down by £200,068.
Savings were made in administrative expenses by £986,450 and included in this figure, wages, player costs and administration was reduced by £804,048. A more detailed breakdown of these will be included in the accounts that will be distributed to the shareholders.
Although not included in the end of year accounts, a debenture loan was paid off by Mr Dave Allen after the year end, a total of £2,045,098 which will be reported in the 2019/20 year end accounts, with the resulting creditor balance then subsequently written off by Mr Dave Allen.
The loans owed to Mr Dave Allen at the year-end totalled £9,329,000, compared to £7,094,000 at the previous year end.
The AGM for shareholders will be held at the Proact Stadium on Monday, February 24, 2020 at 7pm.
Shareholders are encouraged to submit questions in advance of the meeting on the form provided.